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09:30 GMT · Markets wrap ›

Economics

UK House Prices Fall 0.6% in October, Steepest Drop Since August 2023

6 Nov 2026, 09:28

MoneyTurkey editors

October reading missed forecasts and extended the longest run of monthly declines in three years as mortgage costs rose.

MoneyTurkey Economics Desk | 6 November 2026

Key points

UK house prices fell 0.6% month-on-month in October, the largest drop since August 2023, leaving the average at £296,285 (~$397,000).
The annual decline reached 1.2%, the steepest since October 2023, after analysts had expected a 0.1% monthly gain.

UK house prices posted their steepest monthly fall in more than three years in October, according to Lloyds data reported by the Guardian and Yahoo Finance UK. The average property price dropped 0.6% from September to £296,285 (~$397,000), extending a four-month run of declines and missing the 0.1% rise analysts had forecast. The annual rate fell 1.2%, the largest drop since October 2023. High mortgage rates and renewed inflation pressures linked to the Middle East conflict are weighing on demand.

What happened

Lloyds recorded the fourth straight monthly decline, with the 0.6% drop the largest since a 1.6% fall in August 2023. The average price now stands at £296,285 (~$397,000), down £1,882 (~$2,520) from September. The annual change of minus 1.2% is the biggest since October 2023. The Bank of England raised its base rate by 0.25 percentage points to 4% on Thursday, the first increase in more than three years, to counter inflation that reached 3.5% in September after oil prices rose above $100 a barrel.

Andrew Asaam, mortgages director at Lloyds, said housing demand is being tested by a challenging economic backdrop. Renewed inflationary pressures, driven in part by the conflict in the Middle East, are keeping borrowing costs high and squeezing household finances. The average two-year fixed mortgage rate is 5.97% and the five-year rate is 5.99%, according to Moneyfacts data cited in the reports.

What the numbers say

The monthly reading of minus 0.6% compared with the 0.1% gain that economists had expected. The annual fall of 1.2% marks the steepest pace since October 2023. Savills forecast that Britain’s housing market will not recover until 2028, when an improvement in the economy and mortgage affordability are expected to support prices. Lloyds said conditions are likely to remain subdued in the near term but does not expect a sustained period of falling house prices.

UK Finance noted that around 2.3 million fixed-rate mortgage deals are due to expire in 2027. On typical outstanding balances, the base-rate rise will add an average £30.72 a month for borrowers on tracker deals. About 87% of outstanding homeowner mortgages are on fixed rates.

Why it matters

Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, said buyers are still out there but are being careful. The people hit hardest are those remortgaging and second-steppers trying to stretch to one more bedroom. Nathan Emerson, chief executive of Propertymark, said renewed inflationary concerns and the base-rate increase will continue to weigh on consumer confidence. Karen Noye at Quilter said the market feels like it is running up the down escalator, with activity remaining subdued despite a resilient labour market and rising wages.

David Hollingworth at L&C Mortgages said the drop in prices will do nothing to cheer homeowners and that subdued house-price inflation figures look likely to be a regular fixture in coming months. Mark Harris at SPF Private Clients said the base-rate rise may focus the minds of those remortgaging, with shorter fixed-rate deals and extended mortgage terms among the options borrowers are considering.

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